What a Budding Entrepreneur can Learn From the Success And Failure of Big Businesses

We often hear our parent's advice when we are not sure about a decision because we trust their experience. Similarly for new age entrepreneurs, it's important to not overlook some of the key items that they can learn from big businesses. The success and failures of Big daddies can help them learn so that they don't make the same mistakes when they take on their entrepreneurial journey:

1.Establish processes early for sustainable growth
Many entrepreneurs enter a new business venture with a lot of passion and drive by juggling the management of several business functions, from development and sales to operations and finance. However, with all of these activities, it is very important to create and establish processes early in order to stimulate sustainable growth.

2.Ensure growing pains are minimal
When you develop a set of procedures and checklists for each role, you make it easier to transition your duties and train new employees when the time comes to expand your business.

3.Search for areas that can be standardized
Many entrepreneurs are changing and altering their business models and structures as they grow rapidly. This constant change often leads to recreating many procedures, documents and other items, which is a waste of time, energy, and resources.

4.Find people who can help you standardize your business processes
Established businesses hire full-time positions to create standard documents, agreements and procedures in many of their business functions to save time and money. Entrepreneurs can work with necessary professionals, such as lawyers and accountants, early to create standard documents that can be easily reproduced and tweaked when needed in order to accelerate growth.

5.Consider outsourcing as a viable way to grow your business.
Outsourcing some of your operations can at first seem very daunting, but it can prove to be particularly effective. A large business will look to outsource certain functions and departments in order to save the time and money in learning a new expertise or hiring and building a new department. Entrepreneurs, alike, can outsource those functions that are not in their core competency and thus build a more complete and effective organization.